Which Blockchain Is Most Popular With Developers in 2024

Blockchain has gained a lot of popularity in the past few years. Large and small-scale businesses in different sectors have adopted this technology in their daily business transactions. The adoption of this technology has helped them in bringing automation into their tasks and has made them simpler.

Now another question that arises here is are the blockchain needs of every business are similar. Well, the answer to this question is no. The blockchain needs of every business is different from one another. These needs are determined by the nature of the business and its vision.

Considering the diverse blockchain needs of businesses, different blockchain technologies have come into existence. These blockchain technologies differ from each other in many aspects, such as functioning, security level, functionalities, and usage. The blog will illuminate the trending blockchain technologies businesses use today and which technology would be best suited to fulfill your business blockchain needs.

Best Blockchain Technology Options For Your Business

Are you impressed with the trending blockchain technology and wish to integrate it into your business? But don’t know which one to choose. Here are a few trending blockchain technology options you can consider for your business. TOP 5 Blockchains · Ethereum, Hyperledger Fabric, Corda, EOS, Cardano & Polkadot.

Ethereum

Ethereum is #1 Blockchain for Developers. Ethereum is a decentralized form of blockchain that has smart contacts functionality in them. They are one of the most popular blockchain technologies used by many businesses. Etherium, with its native currency, will help your business in sending and receiving values at a global level. Blockchain technology does not require any assistance from any third party. This makes it an easy-to-use and cost-effective blockchain technology for your business. Ethereum is known as the smart contract platform by the oinDesks Digital Asset Classification Standard (DACS). The best thing about Ethereum is that in this technology, Transactions recorded are immutable, verifiable, and distributed in a safe and secure manner across the network.

Unique Characteristics of Etherium

• Etherium is designed to be scalable, programmable, secure, and decentralized blockchain technology.
• Etherium is the most flexible platform for designing functional decentralized applications.

Polygon

This is another most popular blockchain technology that can help your business grow. The blockchain allows the networks of a particular blockchain to connect and scale with each other. Using the Polygon platform, you can create a decentralized application that is scalable and flexible, and the sovereignty of the project is also maintained in it. The platform is very effective in creating a multi-level blockchain ecosystem which is compatible with ethereum. The greatest strength of a polygon is its ability to process the transactions happening on a network in less time by using the consensus mechanism. This makes it best suited for the businesses that operate globally and has a wide customer base.

Unique characteristics of Polygon

• Using Polygon in your business will help to increase the transaction speed and lowers down the operational cost.
• Polygon helps businesses mark their entry into the virtual world and perform various business activities there.

Solana — Powerful for developers

Solana is amongst the widely used blockchain technology and is known for its scalability, efficiency, and speed, which it provides to your business’s decentralized applications. The platform is designed to host decentralized and scalable applications. The transaction processing speed of Solana is very high. The fee charged per transaction is also low. This is the reason why you should choose this platform.

Unique Characteristics of Solana

• Solana is based on open-source code, which makes it easily downloadable by anyone.
• Solana uses layered services, meaning it uses several benefits on the top of the network to improve its efficiency.

Cosmos

This Blockchain technology proves to be highly beneficial in scaling up your business growth. Using this technology in your business applications can handle millions of users simultaneously with its horizontal and vertical scalability solutions without affecting the transaction speed. It makes your transactions faster and enhances customer experience. Blockchain technology is a network of independent and interoperable blockchains.

Unique Characteristics Of Cosmos

• It allows blockchains to transfer values with each other using IBC and Peg-Zones. This makes it a perfect choice for you.
• The usage of Cosmos will simplify your business’s blockchain-based application-building process.

Sidechains

If you are looking for a safe and secure blockchain network, Sidechains is a perfect choice. They are a separate blockchain network that is connected to another blockchain through a two-way system. The blockchain network has the ability to facilitate a smoother exchange of digital assets, such as tokens, between different blockchains. The major components which make Sidechains to work effectively are smart contracts and a two-way peg.

Unique Characteristics of Sidechains

• The Sidechains make use of a consensus algorithm. They can design their alternative consensus products as per your business needs.
• The blockchain technology will prove to be cost-effective and has a lower transaction fee for the users.

Fantom

The Phantom is a widely preferred blockchain platform that is gnarly used for designing decentralized, Defi, and crypto apps.The platform helps to increase the speed and efficiency of the transactions undertaken on your DAAPs.The best thing about this platform is that it is an open-source and permissionless smart contracts-based platform.All the apps developed on Fantom operate on their own independent and unique blockchain.

Unique Characteristics of Fantom

• Phantom’s unique architecture makes it the best-suited to create scalable, fast, and impressive Web3-based applications.
• Due to its independent nature and easy-to-use interface Fantom will have a bright future in the times to come.

Starknet

It is a decentralized layer2 network. That enables decentralized applications to achieve

unlimited scale for transactions and computation. It helps to enhance the working of your application. The platform could increase your current transaction speed to up to times and help in scaling up your business growth.

Unique Characteristics of Starknet

• Starknet is a leading blockchain technology that is best fitted to meet the diverse blockchain needs of businesses nowadays.
• It is a general-purpose network that can be used for various purposes along with smart contracts.

What to Consider While Choosing the Best Blockchain Technology?

After knowing about the widely used blockchain technologies, you must be thinking about which one would be best suited to fulfill your business blockchain requirements. Here are a few important factors to consider while choosing blockchain technology for your business:

Platform’s security

The most important factor you should consider while choosing blockchain technology is whether the platform can keep your confidential business information safe and secure. Check the smart contract formation in the blockchain platform, as this helps you check whether the platform is good to choose from the security point of view or not. If you feel that it provides the required level of security, then choose the platform. Also, by checking the cryptographic methods used by the network and the frequency of upgradation done in the network, you can get a better idea of the security of the network.

Platform Speed and scalability

This is another most important factor you need to take into consideration when you choose a particular blockchain platform. Always go for the one which can process more transactions at a time. This will help your business generate higher revenue. Also remember to check the scalability of the platform. A scalable platform will be helpful for the business in many ways.

Platform fee

The fee charged by the platform for a particular transaction happening on its network should be considered. The platform fee varies from platform to platform and is determined based on various factors such as security level, the technology used, etc. Choose a platform where the transaction fee is minimum. This will reduce your business’s overall development cost. Check the transaction fee beforehand and then take your final decision.

Public or Private

Blockchains can be of two types: public blockchain and private blockchain. You need to check whether your blockchain technology or platform is public or private. If we talk about security level, private blockchain are more secure as compared to public blockchains. But if we look at this from the cost point of view, public blockchains are cheaper in terms of cost per transaction. The nature of the business also impacts the usage of public or private blockchains.

Network adoption rate

While choosing the blockchain network, you need to check how many brands are making use of that particular network. Also, check whether there is a community built around the network. In this case, you can get better support in times of need. Also, the more people on the network, the better will be the technology upgrade. Make sure you check the type of people associated with the network.

The Bottom line

When you opt for blockchain technology for the network, you need to be very careful and check each and everything before reaching to any conclusion. A wrong choice could affect the overall cost of your business . The blog showcased various blockchain technologies you can consider for your business. You need to check the characteristics and basic functionalities of blockchain technology. After this, compare them with your business blockchain requirements and then choose the best one.